Prices of gasoline and diesel products at domestic fuel stations are this week to rise NT$0.3 and NT$0.7 per liter respectively, ending two consecutive weeks of falls following an increase in international crude oil prices, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday.
International crude oil prices moved up last week due to easing US-China trade tensions, the companies said.
However, the gain was capped by expectations of the US and Iran getting closer to a nuclear deal and concerns over some OPEC+ members’ rising oil output next month, they said.
Front-month Brent crude oil futures — the international benchmark — rose 2.35 percent last week to US$65.41 per barrel on the Intercontinental Exchange, while West Texas Intermediate crude oil futures — the US benchmark — increased 2.41 percent in the week to US$62.49 per barrel on the New York Mercantile Exchange.
Effective today, gasoline prices at CPC and Formosa stations are to rise to NT$26.4, NT$27.9 and NT$29.9 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$25.2 per liter at CPC stations and NT$25 at Formosa pumps, the companies said.
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